Hsbc

ARTICLES ABOUT HSBC BY DATE - PAGE 3

LONDON: At the centre of a controversy over himself having a Swiss bank account, UK-based banking major HSBC's CEO Stuart Gulliver will not get any salary hike this year, after he took a pay cut last year to USD 12.5 million. In its annual report published today, the bank disclosed that Gulliver's total pay package stood at 7.62 million British pounds (USD 12.5 million) in 2014, down from 8.03 million British pound in the previous year. Explaining its "remuneration policy going forward", HSBC further said that the base salary levels, fixed pay allowances and pension allowances as a percentage of base salary would remain unchanged from the 2014 levels for Gulliver, as also for some other top executives during 2015.

LONDON: Troubled global bank HSBC said Monday that net profits fell 15 per cent last year, hit by fines and mis-selling compensation, and apologised again over tax-dodging claims at its Swiss division . Earnings after taxation sank to $13.7 billion (12.0 billion euros) in 2014, compared with $18.7 billion in 2013 when it was also boosted by disposals, HSBC said in a results statement.

LONDON: HSBC chief executive Stuart Gulliver , who vowed to reform the scandal-hit bank, kept millions of dollars in a Swiss account, the Guardian newspaper reported. It is the latest in a stream of so-called "Swissleaks" allegations that have hit the reputation of the British banking giant and caused a political storm ahead of a general election in May. The report claims the chief executive was a client of the Swiss private banking arm accused of helping wealthy clients evade tax. Gulliver held about USD 7.6 million in 2007 in a Swiss account in the name of Worcester Equities Inc , a Panama-registered company, according to the yesterday's report.

MUMBAI: Finance Minister Arun Jaitley is likely to earmark higher funds for public investments in the Budget to be presented this weekend, taking advantage from the savings he could mop-up from the steep fall in oil import bill in the past few months, says a report. "We expect the main theme of the first full Budget of the Narendra Modi government to be higher outlays on public investments, particularly Railways and also roads, financed by ploughing back much of the (0.6 per cent of GDP)

MUMBAI: The Income Tax department has conducted a "survey" operation at the head office of HSBC bank here in connection with the black money probe against it and certain Indians who held accounts in its Switzerland branch. Sources said sleuths drawn from the investigation and assessment wings of the department visited the bank's office in Fort area in Mumbai and, starting yesterday, made "inquiries" related to their probe against the global banking giant and its operations. They said the bank has been issued notices in this regard earlier and the latest action was part of its "survey" operation where tax officials visit the business premises of an entity under probe.

LONDON: Facing a worldwide probe for alleged lapses at its Swiss unit, HSBC today said its revenue and profits rose in India last year even as it reported a 17 per cent fall in global profits for 2014. HSBC said its India revenue rose by 10 per cent to USD 1.83 billion, while profit was up 7 per cent to USD 700 million in 2014. The bank said the economic recovery in India remained constrained last year, although a new government with a strong mandate boosted market sentiments.

LONDON: Facing a multi-nation probe for "alleged tax evasion, money laundering and unlawful cross- border banking solicitation", global giant HSBC today said it has been served summons by the Indian tax department . The bank said it is being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit and there could be "significant" amounts of fines, penalties and/or forfeitures imposed...

LONDON: HSBC reported a deeper-than-expected 17 per cent slide in annual pretax profit and cut its earnings target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on the bank. Earnings from Europe's biggest lender on Monday reflected the cost of past misconduct and protecting itself against the impact of further scandals. HSBC said allegations about its Swiss operations had badly damaged its image. "A number of us think the practices of the private bank in the past are a source of shame and reputational damage to HSBC.

LONDON: HSBC Holdings Plc has set aside $550 million more to cover potential fines for alleged manipulation of foreign exchange markets and warned it could face a $500 million bill to compensate US customers sold debt protection products. HSBC said in its annual report on Monday it had paid restitution to some US customers in connection to debt protection and other products offered before May 2012. It said additional remediation for this issue "may lie in a range from zero to an amount up to $500 million.

LONDON: When HSBC's marketing team began drawing up plans for next month's 150th anniversary celebrations, they weren't expecting top managers to spend the run-up to the event apologising to investors and lawmakers. Yet allegations that HSBC's Swiss private bank helped clients dodge taxes will cast a shadow over its anniversary plans in the first week of March and over its annual results this Monday. Its bosses will also be grilled on the issue by members of the UK parliament on Wednesday.